Public Liability Premiums Down
APRA has released the National Claims and Policies Database (NCPD) figures (including premiums) for Professional Indemnity and Public and Product Liability Insurance for the period 1 January 2003 to 31 December 2013
APRA-regulated general insurers wrote $1,718 million of gross premium for public and product liability during the 2013 underwriting year, down 4.0 per cent from the previous year ($1,791 million). This premium related to about 2,454,000 public liability risks written in the 2013 underwriting year, down 0.6 per cent from the previous year (about 2,469,000).
A reduction in the annual premium for public and product liability with an average written premium $700 down from $725 in 2012
Product liability claims
601,302 public and product liability claims in 2013 up 12% on 2012
|About the NCPD|
In January 2005 the Australian Prudential Regulation Authority (APRA) launched a National Claims and Policies Database (NCPD) for public and products liability and professional indemnity insurance.
The Database will provide insurers, the community and the government with a better understanding of public and products liability and professional indemnity insurance. It will help make public and product liability and professional indemnity insurance products more affordable and available by:
It will also enable the government, the community and insurers to identify trends and implement changes to reduce the number of claims or lower the cost of claims for public and product liability and professional indemnity.
The Database was created by APRA at the request of the Federal Government.
A number of organisations contribute to the NCPD to ensure that it provides comprehensive information about public and product liability and professional indemnity insurance.
All APRA-regulated insurers that provide these types of insurance policies are required to contribute claims and policies data to the NCPD. Other organisations, such as state and territory insurers, will also submit data to the NCPD. The first data collection occurred in early 2005 and included claims and policies data for the period from 1 January 2003 to 31 December 2004.
Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and com